Sean Park has written a brilliant parody piece, prompted by the announcement of the Resale Rights Society (“RRS”), on how Google’s owners are demanding compensation based on the fact they evidently floated the business too cheaply given that the current share price is at about $700.
Having spoken with one of the leading lights behind the RRS today, one can see how the idea behind the levy arose and actually made it into public view. My offer of free assistance to enhance their bargaining position via some “refinements” was not even considered worthy of airtime – apparently there is nothing the person I spoke to doesn’t know or that you could help them with, especially if you’ve never worked in the music industry.
Unfortunately, subsequent to that conversation, I definitely have fallen fowl of Sean’s guidance that “we in the securities industry should resist the urge to feel too smug about how much more enlightened we have always been”. However, I realise it will not do much good for me or anyone else. I also personally recognise the scenario depicted in the following quote in Sean piece as it relates to the live entertainment space:
“… nothing is more difficult than to introduce a new order. Because the innovator has for enemies all those who have done well under the old conditions and lukewarm defenders in those who may do well under the new…”